(By: Inside Retail Asia)
LG Household & Health Care has acquired Avon North America in a US$125 million deal with an affiliate of Cerberus Capital Management.
LG H&H holds a strong market position in South Korea’s consumer goods industry, one of the world’s largest beauty markets, with more than $13.1 billion in sales last year. It currently distributes a number of its brands in the US, including Belif and The History of Whoo.
The addition of Avon’s brand, products, employee base and network of 250,000 sales representatives throughout North America is expected to support LG H&H’s international growth strategies.
“Avon North America’s innovative social selling model builds deep connections with customers and we are excited to leverage this as we continue to expand. We look forward to building on Avon North America’s success to drive customer engagement and long-term growth in this market,” said LG Household & Health Care CEO Suk Cha.
“LG H&H respects and admires our strong community of representatives, and supports our mission to empower women through economic opportunity,” said Avon North America CEO Laurie Ann Goldman.
The transaction is expected to close on September 30 and is subject to certain customary closing conditions, including regulatory approvals in the US.
The article is originally published HERE on April 26, 2019.